Pay ALL your debt off by Xmas 2015!

starnac

The loan rate does seem a lot. My loan is 4.6%

cutiepieabf

starnac wrote: »

The loan rate does seem a lot. My loan is 4.6%

this is an offer through my bank. is yours through your bank?

Mat_Lock

Wow that is an incredibly high interest rate for a loan. Is this a normal bank loan or a more 'can't get credit' type of loan.

twiggy86

Payday today which means I've been debt busting! I actually paid off £525.72, but had a balance transfer fee and some other bits of interest to take into account which means I actually reduced my debt by £349.60!

So total for the year so far for number 49 is £1,019.87!

luckystarr

Thank you for the heads up on uswitch pablosammy i will have a look when i get back from work.

Also we need to change my target as think I have put it too high.

well done everyone on your debt busting

LionessInWinter

cutiepieabf wrote: »

i have checked the loan it is 26.9% APR so i would be paying back £8467 for borrowing £4900. My credit card - i cant find the APR only standard purchase of 20.780% and standard cash of 25.640%.
Does that seem a lot?

It looks like the APR for the loan is going to cost you more than the APR from the card.

Pablosammy

cutiepieabf wrote: »

i have checked the loan it is 26.9% APR so i would be paying back £8467 for borrowing £4900. My credit card - i cant find the APR only standard purchase of 20.780% and standard cash of 25.640%.
Does that seem a lot?

That's a really high APR for a loan. You're either going to be paying more per month, or reducing your debt by less per month. I'd stick with the CC.

starnac

cutiepieabf wrote: »

this is an offer through my bank. is yours through your bank?

Yes. Well I think it's a building society. At that rate your cc would probably be cheaper. What is the monthly payment on the loan compared to minimum payments on cc?

cutiepieabf

starnac wrote: »

Yes. Well I think it's a building society. At that rate your cc would probably be cheaper. What is the monthly payment on the loan compared to minimum payments on cc?

well the minimum payment on cc at moment is £230. The monthly payment on loan would be £160 - but that doesnt cover my whole cc balance - i would still have to pay min payment on rest of balance on cc (or min payment on cc if i balance transfer). so potentially it may not save me anything per month, but the cc will be gone in 5 years through the loan.
the APR does seem very high though. i think i will look out for a better loan or perhaps a 0% interest cc that will give me a limit that will cover my whole cc balance.
does that sound better? i am also partaking in the 'Make £10 a day' challenge, making and selling items through ebay, etsy, etc, and all profits from this will be going straight towards cc, instead of only paying minimum each month, so hopefully it will chip away a bit better in the meantime.
Not a got a great credit score which doesnt help.

thank you all for your help :T

Fmess

Been paid today so chucked as much of it at the debt as is possible so now I'm on


#017 £967.21/£4842 20%